Your friend has $7,000 that she wants to invest so that, someday, she will be able to

Fantastic news! We've Found the answer you've been seeking!

Question:

Your friend has $7,000 that she wants to invest so that, someday, she will be able to have a wombat rescue in Australia. She estimates that it will cost $20,000 to start her project. Her banker suggests different investment opportunities

1. Savings option #1: A CD with an APR of 2.02% of simple interest How long it will take your friend to reach her goal of $20,000 if she puts all her money into this investment? (round answers to 2 decimal places) (Note: A = P(1+rt) is the formula for simple interest.